BUS10 ~ CH4a
Terms
undefined, object
copy deck
- Business Law
- Rules, statutes, codes, and regulations that are established yo ptovide legal framework within which business may be conducted and that are enforceable by court action
- Precedent
- Decision judges have made in earlier cases that guide the handling of new cases
- Trademark
- A legally protected name, symbol, or design that identifies the goods or services of one seller and distinguishes them from those of competitors
- Local Government
- Government of a city that is not allowed to tax
- Judiciary
- Judiciary branch, one of the three branches of government that oversees the legal system through the court system
- Taxes
- How the government raises money
- Product Liability
- Part of tort law that holds businesses liable for harm that results from the production, design, sale, or use of product they market
- Contract Breach
- When a party fails to follow the terms of a contract
- Bankruptcy
- The legal process by which a person, business, or government entity is unable to meet financial obligations
- BK 11
- Companies on the verge of BK and have a plan to rebuild. The creditors are then negotiated with to a lower percentage. The lower the percentage, the more willing shareholders are in pumping more money into the company
- Statutory Law
- State and Federal constitutions, legislative entactments, treaties of the federal government, and ordinances (AKA= Written Law)
- Strict Product Liability
- Legal responsibility for harm or injury caused by a product regrdless of fault
- Personal Guarantee
- Assets even outside
- Contract
- A legally enforceable agreement between two or more parties
- Consumerism
- The movement seeking to protect and inform consumers by requiring such practices as honest packaging and advertising, product guarantees, and improved safety standards
- Negligence
- In tort law, bahavior that causes unintentional harm or injury
- Uniform Commercial Code (UCC)
- A commercial law that applies to every state that covers sales laws and other commercial laws
- Express Warranties
- Specefic representations by the seller that buyers rely on regarding the goods they purchase
- BK 7
- Company that has completely been liquidated of assets such as inventory, patents, and everything of value (Paid to: 1. Trust deed, 2. Creditors, 3. Shareholders)
- Copyright
- A document that protects a creator's rights to materials such as books, articles, photos, and cartoons
- Federal Government
- Government of the entire US as opposed to states/ counties
- Common Law
- The body of law that comes from decisions handed down by judges; also referred to as unwritten law
- Patent
- A document that gives inventors exclusive rights to their invention for 20 years
- Tort
- A wrongful act that causes injury to another persons body, property, or EVEN reputation